Canada’s path to net zero leads to economic growth and prosperity
Like other nations, the challenges in the Canadian supply chain for goods and materials are mounting. Coupled with trade bottlenecks across the globe, Canada has been slower to recover during a period of increased consumer demand for goods.
At the time of publication, the ongoing COVID-19 outbreaks and public health measures requiring renewed restrictions and continued operational changes, point to a sustained period of economic slowdown going into the end of 2021.
Mining and metals path to net zero
In this edition, we share insights from the Canadian mining and metals sector, and how miners look to meet global net-zero commitments throughout all phases of mining operations. Our natural resources article entitled ‘Path to net zero – how mining companies are setting targets to reduce emissions’ focuses on how mining companies have strengthened corporate sustainability goals in recent months amid intensifying pressure to act on climate change initiatives needed for the low-carbon society.
Canadian provinces overview
British Columbia (BC): Due to strong vaccination rates and the quick implementation of the province’s vaccine passport, BC’s current forecasts are predicting an increase in revenues of $6.2bn compared to Budget 2021 and a year-end deficit of $4.8bn, which is roughly half of what it was originally budgeted ($9.7bn) for the 2021-2022 fiscal year.
Alberta: The energy sector has demonstrated a commitment to achieving net-zero carbon with recent announcements of significant investment into major projects in Alberta’s industrial heartland. Yet, it is important to note that Alberta, home to the nation's oil and gas sector, takes climate change seriously due to the province’s methane reduction targets, as well as its ahead-of- schedule phase out of coal-fired electricity.
Ontario: The COVID Delta variant’s impact on international supply chains has slowed the anticipated recovery of the Ontario economy in the near term. However, the lagged re-opening meant that the Ontario economy will outperform the national economy in the third quarter and the province will enter the fourth quarter with renewed business confidence and a push to achieve forecasted five percent growth year-over-year.
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